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Barney Frank Backtracks On GSE Statement, Realizes Put Foot In Mouth Yet Again
March 5, 2010
Statement by Chairman Barney Frank
Washington, DC – Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement:
“I have been asked some questions by members of the media and others about my noting the distinction between the legal status of Fannie Mae and Freddie Mac debt and the debt of the U.S. Treasury. Throughout the debate over Fannie and Freddie in past years, I have noted that Fannie and Freddie debt did not have the same legal standing as Treasury debt. This does not prevent the Treasury from treating the debt of Fannie and Freddie in the manner that it believes best supports the important goal of stabilizing the financial system. Specifically, I support the intention of the Treasury to stand fully behind the terms of its December 24 statement with regard to Fannie and Freddie debt. It is also the case in going forward, as we restructure housing finance, we will make sure that there are no implicit guarantees, hints, suggestions, or winks and nods. We will be explicit about what is and is not an obligation of the federal government.
“To reiterate, I continue to think that it would be a mistake for Congress to take action that formally conferred on Fannie and Freddie debt the legal status of debt issued by the Treasury. But nothing in that position prevents Treasury from acting as it thinks best with regard to its obligation to provide stability to the housing market and the financial system.”
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To reiterate, A≠A.
Barney meet woodshed.
Woodshed - Barney.
Barney, the big dumb purple dinosaur, extinct in all capacity except for grinding some guys' leg.
Well, it was only his foot...
Well, it was only his foot...
And I would like to make very clear that I see these two instruments not as debt but only as an obligation.
Barney Frank Backtracks On GSE Statement, Realizes Put Foot In Mouth Yet Again
I hope he leaves it there.
Dont think it his foot in his mouth - but rather ....
Wouldn't raising the max loan limits like they did in CA be a good way expedite the housing recovery? How about allowing assumability of mortgage as well.
Assumable mortgages? And kill all the mortgage origination fees the banks and brokers generate?
Who do you think funds Congress?
larger loans=larger losses. As long as they are 75 ltv and 720+ fico and youcharge a proper guarantee fee of 75-100 bp I am all for it. Problem is if you do that you will not have enough "qualified" borrowers.
I tink Bawnee Fwaink mumbles so 'merica doethn't understend wa he thes.
"Specifikwee, I thuppolt the intenthion of the Tweathuweey to than folweey behind the termth of ith Dethembewll 24th thatement wifth weegald to Fannie and Fweddie dep."
Hith foot ith alwayth halfway in hith mouff.
Backtrack? Foot in mouth? Or maybe he's cultivating good old-fashioned "constructive ambiguity"?
The reason we all hate these slimey politicians.
Thaths ignowant.
Tatsss funeeeeeee!
spethifikwee what i view athim na ownwee hafin a speethimpedimen he mubthes anrunthhthwerlth togeffawtho iu haf to effawe weepway the tawp ow dithwegald wha he theth compweetwee.
Perfect cover for the NWO to have as a pawn on the chessboard. Americans are ignorant but somewhat understanding people, but if ever they heard AND understood wtf Bawbidedee Fwank wath thaieen, ee would be talled an fevell'd.
No. It's a put on for the sympathy vote.
And Americans are not ignorant. The most ignorant country is Europe.
You got a little Sarah Palinitis? Europe is not a country.
Uh huh.
WOW great catch howard_beale...
So it sounds like "I meant what I said, but Treasury can and will do whatever it wants".
He qualifies for an "intellectually subprime" loan.
*1,000
bravo.
And just when I was gettin' hard, Barneeee!
That was just pre-election leftist code talk y'all
just like closing gitmo, withdrawing from iraq,
having terrorist trials in civilian courts, not
renewing the patriot act, etc etc.
If you mean "foot" as in "big gay dick" then I agree.
Someone at the fed must have shown Barney a few compromising pics they have of him and threatened to go public with them.
S.O.P.
Either that or the US Fed shows Barney an 'unseen' video of Kennedy being assassinated. Either way, Bwaney Fwank got the message loud and clear.
HAHAHAHAHAHAHAHAHA!!
WHAT A MAROON!!
yes, however as moronic as he is, he is probably smarter than everyone else in congress. probably smarter than everyone in the executive branch as well.
Smarter than The Chosen One? Impossible.
You talkin' about Black Jebus? I knew a hard leftie guy on another site that worships him and would call him that because he assumed that anyone critical of him was racist and in some odd way he way taunting them.
Frank is Kerry is Bush is Obama is etc...same puppet different look. like Spears is Aguilarra is Simpson is Shakira is Rihanna....same thing!
Shall we debate Beyonce's lack of range? or the fact that Simpson can not dance? We must change the SYSTEM! who cares about the puppet, when the music is worthless.
Barney reversed himself because he wanted the gay pictures the Fed had for his collection. LOL
Wears that Wabbit?
If Barney can keep coming up with these gems maybe it's worth having him around a little longer... nothing like backpeddling to draw attention to the inequities and idiocy of the US government.